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Email thisWebsite: https://www.ctfs.com
Headquarters: Oakville, Ontario
Parent company: Canadian Tire (80%) and Scotiabank (20%)
Credit union? No
Available to Quebec residents? No
Founded in: 2003
Disclaimer: Although our best efforts are made, the information posted on this website is not guaranteed to be accurate. Please visit their website for authoritative information.
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Latest discussions about Canadian Tire Bank -- view all
| Forum/Topic | Started | Last post | Posts |
|---|---|---|---|
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Canadian Tire |
February 14, 2022 |
June 13, 2022 |
78 |
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Canadian Tire |
June 1, 2022 |
June 2, 2022 |
8 |
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Canadian Tire |
March 10, 2022 |
March 12, 2022 |
7 |
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Canadian Tire |
February 2, 2022 |
February 9, 2022 |
31 |
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Canadian Tire |
December 9, 2021 |
December 29, 2021 |
19 |
Customer service: Rated 3 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 2 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: 5+ Years
Why do you bank with them?: Credit Card Offer
What do you like about this bank / credit union?: Points System
What could be improved about this bank / credit union?: Pandemic Response
General comments: This bank has got to be one of the worst when it comes to seeing things from the customer's perspective. When the pandemic hit they gave individuals 6 months... SIX ...of interest free payments on their principal balance. After that they went back to full interest payments regardless of your income status. They call constantly (once or twice a day) if you don't (aka. can't) make your payments and are extremely cold in dealing debtors. Even if you try to work with them, to make some kind of payment, it won't do anything to help your situation. It'll just get swallowed up in interest fees. Finally they'll escalate it to in-house collections which will garnish your wages, regardless if you can afford it or not. In short, this bank doesn't give a crap about you. AVOID AT ALL COSTS.
Review by Jason R — March 7, 2022 @ 2:34 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount): Rated 5 / 5 stars
Fees: Rated 4 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars
How long have you banked with them?: 8 or 9 years
Why do you bank with them?: Interest rate (had the highest in Canada when first started with them, and they're pretty consistently good).
What do you like about this bank / credit union?: interest rate. consistently pretty good.
What could be improved about this bank / credit union?: they're a basic and simple online Bank. Not much they need to do ... and not much that I need from them.
General comments: see above
Review by GHH — January 16, 2022 @ 5:14 pm
Customer service: Rated 3 / 5 stars
Account features: Rated 2 / 5 stars
Interest rates (consistency and amount): Rated 3 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 2 / 5 stars
How long have you banked with them?: 7 months
Why do you bank with them?: Increase credit score
What do you like about this bank / credit union?: Nothing
What could be improved about this bank / credit union?: When a customer your available credit should be bassed off your payments and not your credit... judge me on how im doing not how i did when younger and stupider
General comments: Being a customer for over 6 months i had figured that my available credit would have gone up from a measly 200$ but nope not at all pay off the whole amount every month not just the minimum requirement but guess my loyalty isint good enought
Review by Sebastien rivard — December 4, 2021 @ 4:02 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 4 / 5 stars
Interest rates (consistency and amount): Rated 4 / 5 stars
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: I have been trying to open a savings account with them for two months. Still not set up. A week ago, my startup cheque cleared my bricks and mortar bank, so I hope I hear from Canadian Tire soon …
Why do you bank with them?: I wanted the account for its higher interest rate; higher than that of competitors. They have lowered their rate, however, while I have been waiting … and waiting.
What do you like about this bank / credit union?: The guy I spoke to on the phone, to report that I had not received my initial package, was nice enough. However, he blamed the lost snail mail on my address. I’ve been using the same way of listing my address for 30 years. No previous lost mail issues. Makes me wonder how badly they want new customers.
What could be improved about this bank / credit union?: Snap it up! No excuse for it to take so long to set up an account. I initiated the process to setup three HISAs online on the same day in May 2021. The first account was setup within minutes, with everything done online. The second account, which required a cheque that I sent through snail mail, has been setup for almost six weeks. Meanwhile, I am still waiting on Canadian Tire Bank.
General comments: Wouldn’t recommend for impatient people, especially since they have now lowered their interest rate.
Review by Pam — July 20, 2021 @ 4:21 pm
Customer service: Rated 4 / 5 stars
Account features: Rated 3 / 5 stars
Interest rates (consistency and amount):
Fees: Rated 5 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 3 / 5 stars
How long have you banked with them?: Many years
Why do you bank with them?: Highest rates. Backed up by one of Canada's largest retailers.
What do you like about this bank / credit union?: Transfers to and from CT to our bank accounts is speedy and accurate. A strength.
What could be improved about this bank / credit union?: Their GIC's: not really competitive. As well, they auto-renew GIC's unless you call them - that's terrible, especially with low rates. Web site is weak. Login space needs to be a lot larger, especially for older eyes. Most other online banks send an email to notify of transfers taking place. Not CT.
General comments: Had a joint account. Wanted to add separate accounts. Called them and they completed the set up of two individual accounts in 5 minutes. Excellent.
Review by Alan — July 14, 2021 @ 10:18 am
Customer service: Rated 1 / 5 stars
Account features: Rated 1 / 5 stars
Interest rates (consistency and amount): Rated 1 / 5 stars
Fees: Rated 1 / 5 stars
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: Credit card with CT for 40 years
Why do you bank with them?: Wanted to open a TFSA and Hi interest Savings account but was unable to
What do you like about this bank / credit union?: Nothing
What could be improved about this bank / credit union?: Actually exist
General comments: Opening an account took forever and ultimately I gave up; just a waste of time. Stick w banks that actually exist; ones you can walk into.
Review by Marshall Vandenboom — June 17, 2021 @ 2:31 pm
Customer service: Rated 1 / 5 stars
Account features:
Interest rates (consistency and amount):
Fees:
Interface (online, telephone, in-person, etc.): Rated 1 / 5 stars
How long have you banked with them?: I was completely unable to open an account
Why do you bank with them?: I don't, because I simply couldn't get them to open an account without a physical cheque, which I haven't had for over a decade.
What do you like about this bank / credit union?: Highest interest rate in Canada
What could be improved about this bank / credit union?: They don't have any way to open an account without sending them a physical cheque from an existing account. If you don't have those (I haven't used a physical cheque in over a decade), it's not possible to open an account. This is in stark contrast to every other bank out there that can link your accounts entirely electronically. It is extremely odd to find an "online" bank, that operates 100% by mailing forms back and forth, and that can't figure out how to do anything electronically. It feels like it's 1994 all over again, only the rest of the world has moved on.
General comments: Great idea, impossible implementation. I've never seen a bank that makes it this difficult to simply open an account.
Review by Roger — April 20, 2021 @ 9:25 am